摘要
利率市场化是否对供应链融资链上企业的资本结构及运营决策产生直接影响是当下研究的重要议题。本文从供应链金融的视角出发,构建了在利率市场化背景下由供应商、零售商、银行参与下的三维博弈模型,对融资业务参与各方如何实现各自最大化利益下的最优策略尤其是银行如何进行风险控制及确定最优的自主贷款利率等相关问题进行了研究。通过建立单周期的报童模型,首先揭示了三维博弈模型下市场交易参与各方的决策联动关系,求出了在融资业务中处于决策劣势的零售商在参与约束下可实现订货批量的次优解及进货策略;其次,通过分析供应商的期望收益、损失限额及银行的风险态度,确定交易契约中供应商的最优批发价及银行的质押率取值范围及最优自主利率决策;最后,通过数值仿真对利率是否市场化下的决策结果进行了对比分析。研究表明:供应链金融能够提高供应链绩效,利率政策将对供应链绩效产生直接影响,但利率市场化无法完全解决中小企业融资难与贵的结构性问题。
Whether the interest rate marketization has a direct impact on the capital structure and operational decisions of SMEs with financing difficulties in the supply chain finance is an important subject of current researches.From the perspective of supply chain finance,this paper constructs a three-dimension game model involving suppliers,retailers and banks in the context of interest rate marketization,and explores how to achieve optimal strategies for the parties involved in financing business to achieve their respective interests,especially how to conduct risk control and determine the optimal self-loan interest rate.By establishing a single-cycle newsboy model,this paper reveals the decision-making linkage relationship among the parties involved in the market transaction,and firstly it is found that the retailers who are in a decision-making disadvantage in the financing business can achieve the sub-optimal order under the participation constraint.Secondly,by analyzing the expected return and loss limit of the supplier and the risk attitude of the bank,the optimal wholesale price of the supplier in the transaction contract and the value range of the bank’s pledge rate and the optimal independent interest rate decision are determined.Finally,the numerical simulation compares the decision results of whether the interest rate is marketized.The research shows that supply chain finance can improve supply chain performance,interest rate policy will have a direct impact on supply chain performance,but interest rate marketization cannot completely solve the structural problems of SME financing difficulties.
作者
谭喻萦
杨筝
Tan Yuying;Yang Zheng(School of Economics,Wuhan University of Technology,Wuhan 430070;School of Management,Wuhan Textile University,Wuhan 430200)
出处
《管理评论》
CSSCI
北大核心
2020年第2期287-298,共12页
Management Review
关键词
供应链金融
利率市场化
交易策略
质押率
supply chain finance
interest rate liberalization
trading strategies
impawn rate
